A shortage of land supply has pushed up property prices, and that weakens the city’s competitiveness.

In fact, the city has accumulated enormous wealth over the past few years, which should be sufficient to ride through the tough times.

It’s a cyclical correction under the free-market system like those we’ve seen during every economic slowdown and consolidation in various industries.

The property sector was the best wealth creation sector in the city during the bull housing cycle for 15 straight years.

As a result, more capital has flowed into the sector, and the economy can’t find a new growth engine.

The Hong Kong government has made a U-turn in its land policy and moved to increase supply.

Meanwhile, there are increasing frictions between local residents and mainland tourists.

That has created a shock for several pillar industries, ranging from tourism and trading to financial services.

I prefer to view the economic slowdown as a constructive storm.

If it helps attract capital into other industries, the business environment would improve, as businessmen face less pressure in rent and wages.

The local government still has a strong balance sheet to invest in infrastructure projects and pave the way for another bull cycle.

Foreign investors have been bearish on China’s economic growth for a long time.

However, Beijing has paid too much attention to external noises.

In some cases, the government’s policy reaction has been used by foreign investors to reap good profits.

For example, foreign investors have been making negative comments about the onshore credit market, and the government unveiled some short-term pro-stability measures, which foreign investors exploited.

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